Natural Gas broke above the gap at 3935 for a more positive outlook yesterday & headed for our selling opportunity at 3995/4000. As stated yesterday
Nat Gas September contract Daily Forecast - 08 August 2014Natural Gas broke above the gap at 3935 for a more positive outlook yesterday & headed for our selling opportunity at 3995/4000. As stated yesterday we were getting overbought & prices halted early at 3981. Price action indicates the end of that recovery now. Failure to beat immediate resistance at 3890/3900 keeps the market under pressure today for a test of support at 3860/50 & perhaps better support at 3835/25. A low for the day very possible here but longs need stops below 3800. Go with a break lower to target 3780/70.
Above 3910/20 is less negative & could allow a retest of yesterday’s high & strong resistance at 3980/4000. Exit longs & try shorts expecting a high for the day with stops above 4040. Go with a break higher however using 3995/4000 as support & look for a move towards strong resistance at 4090/4100.
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